CIBC is turning to Thought Machine for a multi-year overhaul of its retail banking technology, beginning with Simplii Financial.
The Canadian bank will use Thought Machine’s cloud-native Vault Core platform to develop new products and gradually modernise its existing systems.
CIBC has already built and begun piloting The Simplii Account on the platform, completing development in less than a year.
The account features customisable folders and automated savings goals, allowing customers to organise their spending, bills and savings.
The partnership will also give CIBC’s product and engineering teams greater control over developing and launching services, reducing reliance on traditional batch-based systems.
The bank plans to extend the technology across its retail operations, with future capabilities expected to include real-time payments.
CIBC also invested £30 million in Thought Machine earlier this year, co-leading its Series E funding round.
“Everyday Banking solutions should make life easier and allow each client to manage their finances in a simple, personalised way.
This technology will enable CIBC to do more than just build modern banking solutions.”
said Hratch Panossian, Senior Executive Vice-President, Personal and Business Banking, CIBC.
“CIBC is proving that the world’s largest banks can move at speed when equipped with the right technology and ways of working. Vault Core doesn’t simply modernise the technology behind banking, it gives CIBC the foundation to transform what banking can deliver for Canadians.
We are proud to welcome CIBC both as a strategic partner and as an investor as we expand across their retail operations.”
said Paul Taylor, Founder and CEO of Thought Machine.
Other banks using Vault Core include Deutsche Bank, Lloyds Banking Group and Standard Chartered.
Featured image: Edited by Fintech News Switzerland, based on image by dit26978 via Magnific
